Teachers Insurance and Annuity Association of America has applied for a unitary thrift charter.
The New York-based life insurance company, which has $94 billion of assets, said it wants to use the thrift to offer trust services to its two million customers. The application was filed Dec. 9, but not released publicly until Wednesday.
Teachers Insurance asked the Office of Thrift Supervision to exempt the thrift from the Community Reinvestment Act, saying the institution will not make loans or accept consumer deposits. The institution would meet the qualified thrift lender test by investing in mortgage-backed securities, Teachers Insurance said in the application.
A spokeswoman for Teachers Insurance declined to comment. The thrift agency last month gave permission to Travelers Group and Principal Mutual Life Insurance Co. to create unitary thrifts. Ten other applications from nonbanks are pending.